Ontario to Release 2019 Budget on April 11

Published on

Ontario to Release 2019 Budget on April 11

Government’s First Budget to Restore Confidence in Ontario's Finances and Protect Public Services

March 7, 2019 9:38 A.M.

As the Government for the People continues to restore trust, transparency and accountability in Ontario's finances, Vic Fedeli, Minister of Finance, announced today that he will deliver the 2019 Ontario Budget on April 11, 2019.

"Our government's first Budget will outline our plan to return the Province to balance in a responsible manner, and protect what matters most - preserving critical public services, including our world-class health care and education system," said Fedeli.

"It will also outline how we will create and protect jobs for Ontario workers, and put the people at the centre of everything we do in government."

Minister Fedeli, joined by MPP Lecce, made the announcement at the Cappuccino Bakery in Nobleton where he talked with individuals, workers and families about restoring trust in the province's finances and the government's plan to cut red tape and make Ontario Open for Business — and Open for Jobs.

"Our first steps towards restoring Ontario's fiscal health are paying off. Businesses are investing, expanding and hiring in Ontario, creating jobs and ensuring prosperity reaches every corner of this province. We are on the right track," added Fedeli, who noted progress the government has made despite inheriting a $15 billion deficit and more than one-third of a trillion dollars in debt from the previous government.

The recently released Ontario 2018-19 Third Quarter Finances forecasts an improvement of $1.5 billion in the Province's deficit to $13.5 billion. The Third Quarter improvement is largely the result of stronger economic growth, supported by Ontario's open for business approach to government. Balancing the budget is not just a fiscal imperative, but a moral one, Fedeli said.

"Every dollar that is spent on paying interest on debt is one less dollar going to our schools and hospitals. Unless we take action now, our children and grandchildren will have to bear an even greater burden. Balancing the budget will help us sustainably fund essential public services for current and future generations."

As of the Ontario 2018-19 Third Quarter Finances the government is projecting a deficit of $13.5 billion in 2018–19. This represents an improvement of $1.0 billion from the 2018 Ontario Economic Outlook and Fiscal Review, and a $1.5 billion improvement from the $15.0 billion inherited deficit identified by the Independent Financial Commission of Inquiry.